Neogen (NASDAQ:NEOG) Reaches New 12-Month High – What’s Next?

Shares of Neogen Corporation (NASDAQ:NEOG) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $11.22 and last traded at $11.15, with a volume of 2872746 shares trading hands. The stock had previously closed at $10.99.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several analyst reports. Piper Sandler reaffirmed a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Guggenheim reaffirmed a “buy” rating and set a $12.00 price objective (up previously from $8.00) on shares of Neogen in a research note on Friday, January 9th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Finally, CJS Securities raised shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective for the company in a report on Wednesday, December 10th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.67.

Neogen Price Performance

The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -4.03 and a beta of 1.98. The stock’s 50-day simple moving average is $8.94 and its two-hundred day simple moving average is $6.90.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $224.69 million during the quarter, compared to analysts’ expectations of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 earnings per share. Equities research analysts predict that Neogen Corporation will post 0.38 earnings per share for the current year.

Institutional Trading of Neogen

A number of institutional investors have recently made changes to their positions in the company. UMB Bank n.a. raised its stake in Neogen by 238.2% in the 4th quarter. UMB Bank n.a. now owns 6,422 shares of the company’s stock valued at $45,000 after purchasing an additional 4,523 shares during the last quarter. Savant Capital LLC purchased a new stake in shares of Neogen during the second quarter worth $50,000. Hantz Financial Services Inc. grew its holdings in shares of Neogen by 816.9% during the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company’s stock worth $53,000 after buying an additional 6,764 shares in the last quarter. Cresset Asset Management LLC acquired a new stake in shares of Neogen in the second quarter valued at about $53,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Neogen in the second quarter worth about $56,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Company Profile

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen’s product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.